A lease administrator is responsible for managing real estate lease agreements and relationships between landlords and tenants. Their primary duties include reviewing lease documents, ensuring compliance, collecting rent payments, enforcing lease terms, and addressing maintenance issues. Lease administrators play a vital role in the real estate industry by keeping properties occupied and income flowing for property owners.
The average salary for a lease administrator in the United States is around $48,000 per year according to data from PayScale. However, salaries can vary significantly based on factors like location, experience, industry, and company size. In this article, we’ll provide a detailed overview of lease administrator salaries across the country.
National Average Salary
On a national level, the average annual salary for a lease administrator is $48,043 according to 2021 data from PayScale. The salary range typically falls between $36,000 and $62,000. The median salary is $46,500, meaning half earn more than this and half earn less.
Some key national salary benchmarks include:
– Average base salary: $45,770
– Average total salary (including tips, bonuses, overtime, etc.): $48,043
– Entry level (0-5 years experience): $36,000 – $50,000
– Mid-career (5-10 years): $42,000 – $58,000
– Experienced (10-20 years): $48,000 – $65,000
– Late career (20+ years): $55,000 – $72,000
These figures represent the salary ranges across all types of lease administrators throughout the country. Specific salaries can vary significantly based on your individual role, location, industry, and other factors.
Salary by State and Region
Lease administrator salaries also differ based on geographical location. Cost of living, local industry, and demand for real estate professionals can impact earnings potential.
Here is a comparison of average lease administrator salaries by state:
State | Average Salary |
---|---|
California | $56,000 |
Texas | $47,000 |
New York | $57,000 |
Florida | $45,000 |
Illinois | $51,000 |
Pennsylvania | $46,000 |
Ohio | $44,000 |
Georgia | $45,000 |
North Carolina | $44,500 |
Michigan | $47,000 |
The highest paying states for lease administrators are New York ($57,000), California ($56,000), and Illinois ($51,000). The lowest salaries tend to be in southern states like Florida and North Carolina.
Regional salary differences are also apparent:
– West Coast (CA, OR, WA): $54,000
– Northeast (NY, NJ, MA): $53,000
– Midwest (IL, OH, MI): $46,000
– South (TX, FL, GA): $45,000
– Southwest (AZ, NM, NV): $47,000
The West Coast and Northeast regions offer the highest salaries largely due to a higher cost of living and greater demand in active real estate markets like New York City, Los Angeles, and San Francisco.
Factors That Influence Salary
A lease administrator’s salary is influenced by several key factors:
Location
As shown above, salaries differ significantly by state and region. Major metro areas typically pay more due to a higher cost of living and more valuable real estate properties.
Experience and Education
Lease administrators with a bachelor’s degree and 3-5 years of relevant experience typically earn salaries 10-20% higher than those with only a high school diploma. Advanced degrees and professional certifications can boost pay.
Industry
Commercial real estate and corporate leasing roles tend to offer higher salaries ($55,000+) compared to residential and retail property management ($40,000-50,000).
Company Size
Lease administrators working for major real estate companies and corporations usually earn more than those at smaller property management firms. Bigger budgets allow larger salaries.
Job Duties and Seniority
Higher level supervisory and managerial roles like Lease Administration Manager command bigger salaries in the range of $60,000-$80,000+.
Job Outlook for Lease Administrators
The job outlook for lease administrators is strong nationwide. According to the Bureau of Labor Statistics, employment of property, real estate, and community association managers is projected to grow 10% from 2020 to 2030, faster than the average across all occupations.
Demand for professionals who can effectively manage real estate portfolios and lease agreements will continue to rise as rental occupancy rates and property values increase across the country. More commercial and residential buildings will require dedicated leasing staff to maximize occupancy and leasing revenue.
Furthermore, the aging population is expected to drive greater demand for property managers to oversee housing communities for seniors. And rising telecommuting may enable more lease administrators to work remotely, widening their geographic scope.
Overall, the above-average job growth and competitive salaries make lease administration a promising and accessible career path in real estate. With solid foundational skills in areas like customer service, data tracking, documentation, and communication, lease administrators can build expertise and advance their earnings over time in this stable field.
Conclusion
In summary, lease administrators in the U.S. earn average salaries of around $48,000 per year. Actual incomes can range from $36,000 for entry level roles up to $65,000+ for experienced professionals, depending on factors like location, education, industry, and company size.
Demand for lease administrators is growing nationwide as property management needs expand. With competitive pay and good job prospects, lease administration offers an attractive career option in the real estate sector. By developing the right skillset and experience, professionals in this role can take on more responsibility and enjoy salary growth throughout their careers.